Corporate Social Responsibility Nowadays
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Corporate Social Responsibility Nowadays
Today, the corporate world is increasingly institutionalizing corporate social responsibility (CSR) to remain relevant in the competitive market dynamics. CSR refers to the various policies that companies put in place to make them more resilient while also allowing such firms to protect the environment, promote workforce equality, improve social inclusion, reduce greenhouse gas emissions, and improve product quality (Hopkins, 2016). In the modern business world, CSR encompasses all the practices employed by companies to uphold the ideologies of sustainable development. Sustainable organizations are those that are economically viable, respect and preserve the environment, and have a positive impact on society (Hopkins, 2016). Overall, the contemporary corporate social responsibility approach, which is employed by Facebook and Tesla companies, has the potential to impact several diverse sectors within business internal structures while also impacting the way the society and outer workforce are organized.
Tesla Inc.’s CSR addresses most of the critical interests of automotive business stakeholders. The company’s CSR strategy focuses on the environmental friendliness and sustainability of automotive, energy production products, as well as energy storage (Turker, 2018). The efforts serve to improve the firm’s position, relative to its major competitors such as Volkswagen, General Motors, and Toyota Motors. The organization’s solar panels, batteries, and electric automobiles satisfy the concerns of communities in diverse ways. For instance, the environmental friendliness of Tesla’s products and the company’s advanced technologies also meet its stakeholders’ interests.
Moreover, the company seeks new ways of minimizing costs by shifting to manufacturing its batteries, which renders its electric vehicles more affordable to customers (Turker, 2018). Tesla also improves customer experience and satisfaction by expanding its network of charging stations with the aim of improving accessibility for customers. The firm’s CSR interests for employees include significant career opportunities and high compensation. The CSR approach satisfies workers’ interests through a competitive compensation program and human resource strategies for leadership and skills development (Turker, 2018). Importantly, Tesla’s CSR strategy improves learning experiences through joint programs with partner companies, significantly satisfying the interests of the personnel.
The major focus areas of Facebook with regards to Corporate Social Responsibility are social justice and education. Mark Zuckerberg invests in philanthropic activities through the Chan Zuckerberg Initiative (CZI). In the education sector, CZI partners with families, educators, and students to create programs and tools that make it easier to apply the art of learning to human development (Șerban, 2016). The initiative has a summit learning program that is designed to meet the goals and needs of students in the best ways possible — moreover, the education stakeholders at CZI partners with teachers to offer continual support for the program. The team also strives to understand the complexities of modern classrooms and accordingly provide tools and resources that can facilitate learning (Șerban, 2016). The key focus areas of CZI’s social justice program are housing affordability and criminal justice reform. In the sector of criminal justice reform, CZI focuses on transforming prosecution while also expanding opportunities (Șerban, 2016). The company has helped individuals find affordable housing, besides helping several immigrants to become American citizens.
The contemporary diverse business expectations have rendered CSR a critical aspect of organizational success, especially among firms that aspire to prosper in the increasingly dynamic and competitive business world. Companies such as Tesla and Facebook are grounded on, and constantly interact with numerous international, national, and local firms, which require that they portray superior CSR to all their relevant stakeholders to survive. It is in light of this that the companies demonstrate boundless concern for the welfare and interests of their esteemed stakeholders, as well as in other aspects, including ethical governance, environmental conservation, and social matters.
References
Hopkins, M. (2016). The planetary bargain: corporate social responsibility comes of age. Springer.
Șerban, A. D. (2016). CSR as Corporate power. A communication view Facebook approach: An exploratory study. Management Dynamics in the Knowledge Economy, 4(1), 31-61.
Turker, D. (2018). Socially Responsible Marketing. In Managing Social Responsibility (pp. 99-114). Springer, Cham.